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The SEC proposed a rule that would require registered investment advisers to adopt and implement written business continuity and transition plans, in order to ensure advisers have plans to address operational and other risks related to a significant disruption in operations and minimize potential client and investor harm. The proposed rule would require a plan be formulated to address the particular risks associated with the adviser's operations and include policies and procedures relating to: maintenance of systems and protection of data; pre-arranged alternative physical locations; communication plans; review of third-party service providers; and plan of transition in the event the adviser is winding down or unable to continue providing advisory services. It would also require advisers to review the adequacy and effectiveness of their plans at least annually and to retain certain related records.

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